This Sunday on Meet the Press, President-elect Barack Obama told Tom Brokaw, “We we don’t want government to run companies. Generally, government historically hasn’t done that very well.” Obama is right. Government has a miserable record as a corporate manager. We shouldn’t want politicians or federal bureaucrats managing private companies. Continue reading . . .
Unfortunately that is exactly what liberals in Congress are poised to do. Under the latest plan to come out of Speaker Nancy Pelosi’s (D-CA) office, Congress “would mandate, or at least heavily influence, what kind of cars companies make, what mileage and environmental standards they must meet and what large investments they are permitted to make.” Yale management professor Jeffrey Garten told the New York Times:
I don’t know that we’ve seen anything like this since the government told the automakers what kind of tanks to make during World War II. And that was just for the duration of the war — this could be for much, much longer.
The latest bailout plan, which the Senate hopes to vote on today, calls for an initial $10 billion for General Motors and another $4 billion for Chrysler. But everybody knows these payouts are just a down payment. Continue reading . . .